TURKEY’S booming real estate sector seems set to remain on course for a bumper year as Gulf Co-Operation Council (GCC) investors continue to pump vast amounts of capital in the popular tourist destination’s real estate.

According to data released by the Turkish Statistical Institute, the number of house sales to international investors increased 22% in the first half of 2015 compared to the same period last year, with a significant increase in transactions involving buyers from the Middle East.

Head of Research at CBRE Turkey Diana Dogan said, “In the second home holiday market there has been a significant increase in private investors in the residential sector from the Middle East with activity firmly focused in the country’s northwest

“At the corporate investment level this demand has in turn created a yet untapped potential opportunity to develop homes specifically tailored to the Arab market.

The Turkish banking sector has seen the most active interest with Arab financial institutions looking to gain a foothold or expand their presence within Turkey’s lucrative banking industry.”

According to Wouter Molman, Director of global real estate firm Cityscape Group: “In 2014, Gulf investors spent US$4.3bn in Turkish real estate, reaching a total investment influx of US$16.29bn over the past six years.”

He went on to say that Istanbul and Mediterranean coastal cities are proving popular with GCC investors due to their close links with the region both geographically and culturally.

The strength of the dollar and the fact that most Arab countries have currencies pegged to the greenback is further boosting investment in Turkey’s lucrative property markets.

Latest official data also showed purchases by foreign nationals in Turkey’s real estate market have gained pace in the January-July period, with sales going up by 24 percent over the same period of 2014.

In the first seven months of 2015, foreign nationals acquired 12,380 properties, up from 9,980 in the previous year.